Bitcoin repeatedly swings around 77K, seemingly calm market behind it is a typical "liquidation hunting" — both bulls and bears are waiting for the other side to get liquidated.

In the past 24 hours, $278 million in liquidations across the entire network, with both longs and shorts liquidated.
It is pointed out that realized volatility has increased but implied volatility has dulled, with Gamma open interest accumulating at 75K and 80K, and a break below will accelerate.
This is not just simple fluctuation, but a leverage-driven liquidity trap.
ETF funds continue to flow out, spot demand is weak, and the rebound relies on short covering and liquidations.
Once the 75K support is broken, there is significant room downward.
Currently, it is not advisable to hold large long positions.
The market is waiting for a direction, but that direction may not be upward.
$btc #defi #ETF #链上数据 #Blockchain